Common use of Additional Private Units Clause in Contracts

Additional Private Units. Simultaneously with the Option Closing, Sunlight and Chardan shall purchase from the Company pursuant to the Subscription Agreements (as defined in Section 2.24.2 hereof) an additional number of units (up to a maximum of 33,750 units in the aggregate, of which up to 30,000 units will be purchased by Sunlight and up to 3,750 units will be purchased by Chardan), pro rata with the percentage of the Over-allotment Option exercised by the Representative, so that at least $10.00 per Unit sold to the public in the Offering is held in trust regardless of whether the over-allotment option is exercised in full or part (the “Additional Private Units”), at a purchase price of $10.00 per Additional Private Unit in a private placement (the “Additional Private Placement”). The Additional Private Units, the shares of Common Stock and the Rights included in the Additional Private Units (the “Additional Placement Rights”) and the shares of Common Stock issuable upon conversion of the Additional Placement Rights are hereinafter referred to collectively as the “Additional Placement Securities.” Each Additional Private Unit shall be identical to the Units sold in the Offering. There will be no placement agent in the Additional Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Additional Private Securities. Pursuant to Rule 5110(g)(1) of FINRA’s Rules, the Additional Private Units are subject to a lock-up for a period of 180 days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing 180 day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Additional Private Units. Simultaneously with the Option Closing, Sunlight and Chardan shall purchase from the Company pursuant to the Subscription Agreements (as defined in Section 2.24.2 hereof) an additional number of units (up to a maximum of 33,750 units in the aggregate, of which up to 30,000 units will be purchased by Sunlight and up to 3,750 units will be purchased by Chardan), pro rata with the percentage of the Over-allotment Option exercised by the Representative, so that at least $10.00 per Unit sold to the public in the Offering is held in trust regardless of whether the over-allotment option is exercised in full or part (the “Additional Private Units”), at a purchase price of $10.00 per Additional Private Unit in a private placement (the “Additional Private Placement”). The Additional Private Units, the shares of Common Stock and the Rights included in the Additional Private Units (the “Additional Placement Rights”) and the shares of Common Stock issuable upon conversion of the Additional Placement Rights are hereinafter referred to collectively as the “Additional Placement Securities.” Each Additional Private Unit shall be identical to the Units sold in the Offering. There will be no placement agent in the Additional Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Additional Private Securities. Pursuant to Rule 5110(g)(1) of FINRA’s Rules, the Additional Private Units purchased by Chardan are subject to a lock-up for a period of 180 days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing that 180 day period) period following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.

Additional Private Units. Simultaneously with the Option Closing, Sunlight and Chardan shall purchase from the Company pursuant to the Subscription Agreements (as defined in Section 2.24.2 hereof) an additional number of units (up to a maximum of 33,750 units in the aggregate, of which up to 30,000 units will be purchased by Sunlight and up to 3,750 units will be purchased by Chardan), pro rata with the percentage of the Over-allotment Option exercised by the Representative, so that at least $10.00 per Unit sold to the public in the Offering is held in trust regardless of whether the over-allotment option is exercised in full or part (the “Additional Private Units”), at a purchase price of $10.00 per Additional Private Unit in a private placement (the “Additional Private Placement”). The Additional Private Units, the shares of Common Stock and the Rights included in the Additional Private Units (the “Additional Placement Rights”) and the shares of Common Stock issuable upon conversion of the Additional Placement Rights are hereinafter referred to collectively as the “Additional Placement Securities.” Each Additional Private Unit shall be identical to the Units sold in the Offering. There will be no placement agent in the Additional Private Placement and no party shall be entitled to a placement fee or expense allowance from the sale of the Additional Private Securities. Pursuant to Rule 5110(g)(1) of FINRA’s Rules, the Additional Private Units purchased by Chardan are subject to a lock-up for a period of 180 days immediately following the Effective Date of the Registration Statement or the commencement of sales in the offering, and, for a one year period (including the foregoing 180 day period) following the Effective Date, may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging, short sale, derivative or put or call transaction that would result in the economic disposition of the securities.